The World Bank has approved a $1 billion loan for Kenya to help it close a gaping budget deficit and tackle the economic shocks from the coronavirus pandemic. The loan has been initiated before the health crisis started and is the second direct lending the World Bank.
The Kenyan budget deficit reached 8.2% of GDP in the financial year to the end of June, from an initial forecast of under 7%, mainly due to reduced tax collection and lost revenue from VAT and income tax cuts.
Source : Reuters Africa
